Results Presentation (12M17)

Transcription

1 Results Presentation (12M17)

2 Results Summary (Income Statement) (Rp bn) 12M17 12M16 % YoY Revenue 6,443 6,739-4% Effect of 8% YoY decline in Property Development segment while Recurring segment grew 7% YoY COGS (3,423) (3,450) -1% Gross Profit 3,020 3,290-8% Gross Profit Margin 47% 49% Less revenue recognized fom higher-margin shophouses Operating Expense (1,461) (1,484) -2% Increased operational efficiency and reduction in professional fees post-merger of subsidiaries Operating Profit 1,559 1,806-14% Operating Profit Margin 24% 27% Effect of decline in Gross Profit Margin Interest Income (Expense) - Net (372) (348) 7% Other Income (Expense) - Net % Final Tax and Income Tax (280) (330) -15% Net Income Before Non-Controlling Interest 1,019 1,171-13% Non-Controlling Interest % Net Income Attributable to Owners 894 1,021-12% Net Profit Margin 14% 15% 2

3 Results Summary (Revenue Breakdown and Margin Performance) (Rp bn) 12M17 12M16 % YoY Revenue Breakdown Property Development Revenue 4,734 5,143-8% Houses, shophouses, and land lots 3,622 4,050-11% Longer revenue recognition schedule from 2015 residential projects Apartments % Near completion of Voila, Orchard, and The Residence projects Office for sale % Construction progress of Tokopedia Care Tower and Kemayoran Tower 1 Recurring Revenue 1,709 1,597 7% Shopping malls % Hotels % Higher occupancy and ARR of Raffles Hotel Hospitals % First-year operation of Ciputra Mitra Hospital Office leasing % Newly opened Tokopedia Tower Others % Total Revenue 6,443 6,739-4% Margin Performance Property Development GPM 44% 46% Houses, shophouses, and land lots 45% 50% Apartments 38% 31% Office towers 45% 38% Effect of product mix Recurring GPM 54% 58% Shopping malls 65% 68% Effect of lower rental reversions Hotels 44% 49% Effect of oversupply in budget hotel industry Hospitals 43% 48% First-year operation of Ciputra Mitra Hospital Office leasing 66% 68% Others 39% 37% 3

4 Results Summary (Revenue per Segment and per Location) Revenue per Segment (12M17) Apartments 11% Office Towers 6% Shopping Malls 12% Hotels 8% Revenue per Location (12M17) Greater Surabaya 19% Other Java 16% Others 7% Sumatra 9% Houses, shophouses, and land lots 56% Greater Jakarta 50% Sulawesi 4% Others 2% Development = 73% (Houses + Apartments + Office) Recurring = 27% (Malls + Hotels + Hospitals) Sustained focus on geographically diversified revenue sources to minimize concentration risk 4

5 Results Summary (Historical Revenue Breakdown) Rp tn Development vs. Recurring Revenue % % 18% 18% 24% 27% Development Revenue Recurring Revenue Recurring as % of Total Revenue Continued focus on high-growth core development business and complemented by stable recurring assets 5

6 Key Developments Launched 7 new clusters/towers in existing projects with a combined presales of Rp327bn (20% of 3M18 achievement) New Clusters / Towers = Ciputra World Surabaya (Surabaya), CitraSun Garden Semarang (Semarang), CitraIndah Jonggol (South Greater Jakarta), CitraLand Surabaya (Surabaya), CitraLand Cibubur (South Greater Jakarta), CitraGarden Sidoarjo (Greater Surabaya), The Taman Dayu Pandaan (West Surabaya) Total 3M18 presales reached Rp1.6tn (21% of FY18 target) En bloc sale of 192 apartment units to The Ascott (CapitaLand) in Ciputra World Jakarta 2 Booked as Rp675bn presales in October 2017 Issued SGD150mn Medium Term Note with 4-year maturity and 4.85% coupon rate (September 2017) SGD35mn for working capital and SGD115mn for refinancing 25% cross-currency hedge and 75% call-spread Received a credit rating from Fitch of BB- / Stable Outlook (September 2017) Completed merger of 2 subsidiaries CTRS and CTRP (January 2017) 6

7 Pre-Sales Summary (Rp bn) Historical Presales Presales per Location M18 9,179 16% 16% 991 3,099 7, ,640 7, ,625 2,661 2,831 27% 30% 9% 16% 1% 27% 24% 10% 5% 19% Greater Jakarta Surabaya Other Java Sumatra Sulawesi Others 5,088 5,081 4,549 4,411 1,218 1, T 3M17 3M18 Directly-Owned JO - Profit Sharing JO - Revenue Sharing Presales per Product M18 18% 2% 19% 3% Units Sold 10,668 8,288 8,645 1,494 1,778 80% 78% Area Sold (Ha) Houses, shophouses, land lots Apartment Office 7

8 Pre-Sales Summary Presales per Payment Method Presales per Unit Price 10% 11% 15% 12% 12% 8% 16% 6% 10% 11% 57% 57% 36% 40% 48% 27% 26% 24% 30% 28% 32% 24% 30% 24% 25% 33% 32% 49% 48% 40% 33% 34% 40% 36% 37% * * 3M18 Mortgage Installments Cash Rising mortgage payment due to higher exposure to end-users and better accessibility to mortgages * * 3M18 < Rp1bn Rp 1-2bn Rp 2-5bn > Rp 5bn Units below Rp2bn continue to make up majority of presales as end-users are targeted *Note: 2015 and 2017 excludes en bloc sales to Ascott (Rp835bn and Rp675bn) 8

9 Sufficient Land Bank to Sustain >15 Years of Development Directly-Owned Project Developed Land (Saleable) Undeveloped Land (Raw) Land ASP Trend Land ASP (Rp mn per sqm) Ha Ha CAGR CAGR 2017 CitraGarden City 83-48% 9% 16.1 CitraRaya Tangerang % 10% 3.8 CitraIndah Jonggol % 17% 1.6 CitraLand Cibubur Total Greater Jakarta CitraLand Surabaya % 16% 9.9 CitraHarmoni Sidoarjo % 22% 4.6 CitraGarden Sidoarjo % 29% 6.8 Total Surabaya CitraGarden Lampung 3-28% 3% 2.3 CitraLand Lampung % 4.4 CitraLand Pekanbaru % 4.7 CitraLand NGK Jambi - 2-5% 3.2 Total 937 1,411 Total directly-owned land bank of 2,348 Ha Gross (1,409 Ha Net) 9

10 Rights to Additional Land Bank Through Joint-Operation Schemes Joint Operation Project Development Plan (Ha) Land ASP (Rp mn per sqm) Joint Operation Project Development Plan (Ha) Land ASP (Rp mn per sqm) CitraLake Sawangan Depok CitraGrand Senyiur City Samarinda Total Greater Jakarta 12 CitraGarden City Samarinda The Taman Dayu Pandaan CitraLand City Samarinda CitraLand The Green Lake Surabaya CitraMitra City Banjarbaru CitraIndah Sidoarjo CitraLand Banjarmasin Total Greater Surabaya 642 CitraGarden Banjarmasin CitraMaja Raya 1, CitraGarden Aneka Pontianak CitraLand BSB City Semarang Citra BukitIndah Balikpapan CitraGrand Semarang CitraCity Balikpapan CitraSun Garden Semarang CitraLand Denpasar CitraGarden City Malang Total Kalimantan + Bali 888 Citra Green Dago Bandung CitraGrand Galesong City Gowa CitraGarden BMW Cilegon CitraLand City Losari Makassar CitraLand Cirebon CitraLand Talassa City Makassar CitraLand Puri Serang CitraLand Celebes Makassar CitraGarden Pekalongan CitraGarden Makassar CitraGrand Mutiara Yogyakarta CitraLand Palu CitraSun Garden Yogyakarta CitraLand Kendari Total Java Ex-Jakarta Ex-Surabaya 1,702 Total Sulawesi 803 CitraRaya City Jambi CitraGrand City Palembang CitraLand Bagya City Medan CitraLand Botanical City Pangkalpinang Citra AeroLink Batam CitraLand Megah Batam CitraGarden Pekan Baru Total JO Land Bank of 5,063 Gross Ha Total Sumatra 1,016 10

11 High-rise (Apartment and Office - Strata Title) High-rise Project Tower Total Saleable Area (sqm) Construction Progress CitraRaya Tangerang EcoHome 9,316 40% 14% CitraGarden City Jakarta CitraLake Suites 17,986 52% 95% Citra Living 9,064 90% 5% Kemayoran Citra Towers 37,955 72% 35% Ciputra World Jakarta 1 Raffles Residence 41,500 84% 100% DBS Bank Tower 19,284 93% 100% Tokopedia Tower 28,000 75% 94% Ciputra World Jakarta 2 The Orchard 36,000 98% 95% The Residence 14,000 96% 96% Ciputra World Jakarta 2 Ext. The Newton 15,800 94% 22% Tokopedia Care Tower 24,000 69% 82% Ciputra International San Francisco 21,000 39% 79% Office Tower 2 19,500 62% 0% Amsterdam 25,500 85% 79% Total Jakarta 318,905 Vieloft SOHO 40,298 31% 12% Ciputra World Surabaya Office Tower 40,298 61% 5% Voila Apartment 35,801 89% 100% The Vertu 9,070 62% 13% CitraLand Surabaya Denver Apartment 22,481 71% 2% Total Surabaya 147,948 Barsa City Yogyakarta Cornell 8,534 27% 0% CitraPlaza Nagoya Tower 1 15,926 71% 0% Vida View Apartment Tower B 24,640 32% 66% Total High-rise Projects 515,953 Sold % Total unsold high-rise area of 160,000 m² 11

12 Healthy Occupancy and Lease Expiry Profile for Malls Mall Net Leasable Occupancy Rate Area (m²) Ciputra World Jakarta 1 81, % 100% 100% 100% 100% Ciputra World Surabaya 56,000 96% 98% 99% 95% 94% Ciputra Mall Jakarta 42,700 97% 97% 98% 95% 97% Ciputra Mall Semarang 20, % 90% 98% 99% 100% Expansion Plans Ciputra Mall CitraRaya Tangerang 26,000 Planned completion end-2019 Ciputra World Surabaya Extension 37,300 Planned completion early-2020 Total mall NLA of 200k m² with average occupancy rate of 98% (m²) Lease Expiry Profile (by NLA) 120, ,000 54% 80,000 60,000 40,000 20,000 11% 13% 6% 16% Onwards 12

13 Continued Strong Performance of Diversified Recurring Assets Revenue per Available Room (RevPAR) across hotels Hospital Assets Rp ' % YoY Ciputra World Jakarta 1 (Raffles Hotel) ,520 87% Ciputra World Surabaya Hotel % Ciputra Hotel Jakarta % Ciputra Hotel Semarang % CitraDream Hotel Bintaro % CitraDream Hotel Cirebon % CitraDream Hotel Yogyakarta % CitraDream Hotel Semarang % CitraDream Hotel Bandung % Start Total Capacity Hospital Project Location Remarks Operation Area (Ha) (Beds) Ciputra Hospital Jakarta CitraRaya Tangerang (Greater Jakarta) Nov CTRA's first healthcare project Ciputra Hospital Tangerang CitraGarden City (Jakarta) Dec Ciputra Mitra Hospital CitraLand Banjarmasin (Kalimantan) Nov JV with Mitra Group 13

14 Debt Profile As of Dec-17 Total Borrowings: Rp7.6tn Floating 76% Fixed 24% Rupiah 78% Foreign Currency 22% (Rp tn) Maturity Profile (% of total debt) 33% 2.0 Borrowing Cost* % 12.7% 12.1% 11.7% 10.3% 15% 12% 12% 12% 0.5 4% 3% 4% 2% Short Term Bank Loan Maturity Long Term Bank Loan Maturity Bonds and Notes Payable Maturity Borrowing Cost *Borrowing Cost calculation includes capitalized interest expense of Rp72bn, 96bn, 74bn, 131bn, 179bn in 2013, 2014, 2015, 2016, and

15 Capex Schedule Land for Development 59% 12M17 Rp1.9tn Office 20% Hotel 5% Others 9% Mall 4% Apartment 3% Rp tn Historical Capex capex largely due to Ciputra World Jakarta project (mall + hotel + office tower) Land acquisition capex largely for land reclamation project in Makassar 15

16 Financial Highlights (Rp bn) 5,077 Revenue 6,340 7,514 6,739 6,443 (Rp bn) 2,546 Gross Profit 3,724 3,330 3,290 3,019 3,323 1,667 50% 50% 53% 50% 49% 47% Gross Profit Gross Margin (Rp bn) Net Profit Key Ratios 1,685 1,645 1, % 26% 27% 22% 1, % 14% % -7% 10% 17% 22% 28% Net Profit Net Margin Net Debt to Equity Current Ratio 16

17 Balance Sheet Summary Rp bn Dec 2017 Dec 2016 Dec 2015 Dec 2014 Assets 31,706 29,072 26,259 23,539 Cash & cash equivalents 3,229 3,468 3,034 2,889 Land 11,391 10,016 9,229 7,765 Others 17,086 15,589 13,995 12,885 Liabilities 16,255 14,774 13,209 11,886 Debt 7,558 6,662 5,277 4,021 Advances from customers 6,455 5,851 5,732 5,871 Others 2,242 2,262 2,200 1,994 Equity 15,451 14,298 13,050 11,652 Minority interests 2,073 1,654 1, Equity net of minority interests 13,378 12,643 11,510 10,826 Debt to Total Equity 49% 47% 40% 35% Net Debt to Total Equity 28% 22% 17% 10% 17

18 Growth Strategy Retain healthy land bank levels (currently sufficient for >15 years of development) by continuously replenishing land bank in existing projects while searching for new strategic locations Sustain wide geographical footprint (currently have a presence in 33 cities) to allow diversification of products and target market while minimizing concentration risk Continue to leverage on the Ciputra brand equity by continuing Joint-Operation schemes with land owners Maintain prudent capital management (net gearing at 0.28x as of 12M17) with a well-balanced debt maturity profile and mixed sources of funding Create innovative product launches to best cater to existing demand by capitalizing on the flexibility given by ample and diverse land bank Increase portion of recurring income while simultaneously boost synergy by focusing on complimentary amenities within existing developments (e.g. malls, hospitals, and offices) 18

19 Key Projects 2018 CitraLand City Losari Makassar Location Launch Development plan Market segment Pre-sales 1Q18 Selling price per unit Average unit selling price Average land selling price Unit sold Others Makassar, South Sulawesi October ha (sold 7 ha) Middle to high Rp 222 billion Rp 2.2 billion to Rp 57.5 billion Rp 5.7 billion Rp 15.3 million 39 units Grand-launching event in Mar-18 to celebrate 100% land reclamation process for 1 st phase (100Ha) 19

20 Key Projects 2018 CitraRaya Tangerang Location Launch Development plan Market segment Pre-sales 1Q18 Selling price per unit Average unit selling price Average land selling price Unit sold Others Tangerang, West of Jakarta ,760 ha (sold 826 ha) Middle-low to middle-high Rp 127 billion Rp 260 million to Rp 2.4 billion Rp 749 million IDR 4.2 million 169 units - 20

21 Key Projects 2018 CitraMaja Raya Banten Location Launch Development plan Market segment Pre-sales 1Q18 Selling price per unit Average unit selling price Average land selling price Unit sold Others Lebak, Banten, West Java November ,200 ha (sold 121 ha) Middle to middle-low Rp billion Rp 110 million to Rp 1.3 billion IDR 270 million IDR 1.3 million 418 units - 21

22 Key Projects 2018 CitraLand Surabaya Location Launch Development plan Market segment Pre-sales 1Q18 Selling price per unit Average unit selling price Average land selling price Unit sold Others West Surabaya ,700 ha (sold 723 ha) Middle to middle-high Rp billion Rp 550 bllion to Rp 3.9 billion Rp 2.2 billion Rp 8.5 million 49units Launched new commercial cluster Palma Galeria 3 in Feb Pre-sales was recorded at Rp 51.2 billion. 22

23 Key Projects 2018 CitraLand Cibubur Location Launch Development plan Market segment Pre-sales 1Q18 Selling price per unit Average unit selling price Average land selling price Unit sold Others Greater Jakarta May ha (sold 3 ha) Middle to middle-low Rp 61billion Rp 388 million to Rp 2.3 billion IDR 1.1 billion IDR 4.1 million 57 units A joint venture project. Launched new commercial cluster - The Avenue in Mar Pre-sales was recorded at Rp 58 billion 23

24 Key Projects 2018 CitraGarden City Jakarta Location Launch Development plan Market segment Pre-sales 1Q18 Selling price per unit Average unit selling price Average land selling price Unit sold Others Kalideres, West Jakarta ha (sold 364 ha) Middle to high Rp 43 billion Rp 930 million to Rp 4.7 billion Rp 2.1 billion Rp 15.3 million 23 units - 24

25 Key Projects 2018 CitraLand Talassa City Makassar Location Launch Development plan Market segment Pre-sales 1Q18 Selling price per unit Average unit selling price Average land selling price Unit sold Others Makassar, South Sulawesi May ha (sold 6 ha) Middle Rp 40 billion Rp 878 million to Rp 3.4 billion Rp 1.3 billion Rp 4.6 million 30 units A joint-operation project 25

26 Appendix A: New Corporate Structure Post Merger B: Corporate Milestones C: Competitive Strength D: Project Portfolio E: Management Team F: Company Awards G: Indonesia Macroeconomics

27 New Corporate Structure Post Merger 27

28 Corporate Milestones Capital raising & corporate actions -> STRENGTHEINING OUR FINANCIAL POSITION TO SUPPORT BUSINESS EXPANSION.. Established under the name of PT Citra Habitat Indonesia 1994 : IPO and listing on JSX 1995 : Issuance of Notes (US$ 100 million) 1996 : - Rights issue I - Listing on SSX - Issuance of bond (Rp 150 billion) - Issuance of TLCF (US$ 25 million) (Transferrable loan certificate facility) Developed and launched: 1984 : CitraGarden City, our first project, in West Jakartaz 1993 : - CitraLand, our first and largest township project in Surabaya - Ciputra Mall & Hotel Jakarta, our first commercial project 1994 : CitraRaya Tangerang, our largest township development project, covering an area of more than 2,700 ha 1997 : Economic crisis hit Indonesia. Start of debt restructuring process 1999 : PT Ciputra Surya Tbk (CTRS) s listing on JSX 2000 : Bonus shares distribution Developed and launched: 2005 : CitraGarden Lampung in Sumatra and CitraGarden Banjarmasin in Kalimantan, marking the beginning of business expansion outside of Java h 2006 : - Issuance of 2.4 billion shares without pre-emptive rights for debt settlement - Rights Issue II 2007 : IPO of PT Ciputra Property Tbk (CTRP) 2015 : Share dividend distribution 2016 : Share dividend distribution Merger plan with CTRS and CTRP Developed and launched: 2007 : Ciputra World Surabaya 2008 : Ciputra World Jakarta 2009 : CitraLand Celebes Makassar, our first project in Sulawesi 2011 : Ciputra Hospital Tangerang, our first health care project 2012 : CitraDream Hotel Cirebon, our first budget hotel 2013 : Ciputra Beach Resort Bali, our first resort development 2015 : CitraLand City Losari in Makassar, our first reclamation residential project 2016 : Ciputra Mitra Hospital, our first health care project in Kalimantan Project Development -> OVER 30 YEARS EXPERIENCE.. 28

29 Geographically Diversified Project Portfolio CitraLand Bagya City CitraGarden CitraLand BizPark Commercial Estate CitraLand CitraGarden Ciputra Mitra Hospital CitraGrand City CitraLand Megah Citra AeroLink Citra Plaza Citra BukitIndah CitraCity CitraLand City CitraGrand Senyiur City CitraGarden City CitraLand Botanical City CitraGarden CitraLand CitraGarden Aneka Medan Pekan Baru CitraLand NGK CitraRaya City Batam CitraLand CitraLand CitraMitra City projects in 33 cities KALIMANTAN Jambi CitraLand Celebes CitraGarden Vida View Apartment CitraGrand Galesong City CitraLand City Losari CitraLand Talassa City Samarinda Balikpapan Pontianak Palu Palembang Banjarmasin Bengkulu Pangkalpinang B. Lampung CitraGarden City CitraRaya CitraIndah CitraLake CitraTowers Kemayoran CitraLand Ciputra Mall & Hotel Somerset Grand Citra Ciputra World Ciputra Hospital Ciputra Hospital DIPO Business Center CitraDream Hotel Ciputra International Ciputra World 2 Extension CitraMaja Raya Tangerang Lebak Cilegon Serang Banjarbaru Jakarta Depok Cirebon Tegal Pekalongan JAVA Pandaan Jogjakarta CitraDream Hotel CitraGarden BMW CitraLand CitraDream Hotel Ciputra Mall & Hotel CitraDream Hotel Kendari Surabaya Semarang Bandung CitraGreen Dago Makassar Sidoarjo Malang Denpasar CitraLand CitraLand CitraGarden C CitraSun Garden CitraGrand Mutiara CitraDream Hotel CitraSun Garden CitraGrand CitraLand BSB CitraLand CitraHarmoni CitraGarden CitraIndah The Taman Dayu CitraLand Green Lake Ciputra Golf Ciputra World CitraGarden City The Nivata Ciputra Beach Resort 56 Townships & residential projects 19 Commercial property projects CitraLand Puri 29

30 Greater Jakarta Project Portfolio 30

31 Competitive Strength BUSINESS PROSPECT Increase in housing needs Urbanization trends Change in customers lifestyle Availability in mortgage facility Potential economic growth Government stimulus plan Stable political outlook Focus on real estate business We are well positioned in Indonesia s current property outlook because of the following factors: Steady launch and development of pipeline projects Most diversified in market targets, products offered & project locations Reputable brand & experienced management team Large land bank at prime locations to support future growth 31

32 Experienced Management Team Board of Commissioners Board of Directors DR. Ir. Ciputra Chairman Dian Sumeler Rina Ciputra S. Junita Ciputra Candra Ciputra President Cakra Ciputra Budiarsa Sastrawinata Harun Hajadi Sandra Hendharto Kodradi Independent member Henk Wangitan Independent member Thomas Bambang Independent member Agussurja Widjaja MI Meiko Handojo Nanik J. Santoso Sutoto Yakobus Artadinata Djangkar Bing Sugiarto C. Tanan H. Antonius Tulus Santoso Corporate Secretary 32

33 Company Awards 100 Fastest Growing Company Award 2017: 2 nd Place in Property, Real Estate and Construction Sector Indonesia Top Ten Developers 2017 Indonesia Most Innovative Business Award 2017: Winner in Property and Real Estate Category Indonesia Most Admired Companies Award 2017: Winner in Property Category IAIR Award 2017: Company of the Year Indonesia Property and Real Estate Indonesia Most Admired Companies Award 2017: Top 15 Emiten Pilihan Analis dalam Program Yuk Nabung Saham 2017 Corporate Image Award 2017: The Best in Building and Managing Corporate Image Category: Housing Developer 33

34 Investor Relations Corporate Secretary PT. CIPUTRA DEVELOPMENT TBK Ciputra World 1 DBS Bank Tower 39 th Floor Jl. Prof. DR. Satrio Kav. 3-5 Jakarta INDONESIA Phone : / 6868 Fax : investor@ciputra.com Website : 34

35 Disclaimer Any person obtaining this Presentation material, will be deemed to have understood and agreed to the obligations and restrictions herein. The content of this material are provided on a strictly private confidential basis and shall be the proprietary of PT. CIPUTRA DEVELOPMENT Tbk. Information contained in the material are intended for information purpose and does not constitute or form part of an offer solicitation, invitation or inducement to purchase or subscribe for any securities of the PT. CIPUTRA DEVELOPMENT Tbk. or any contract or commitment whatsoever, and further is not intended to be distributed, reproduced or copied at any time to any party without prior written consent of PT. CIPUTRA DEVELOPMENT Tbk. The communication of this information herein is restricted by law, it is not intended for distribution to or use by any person in any jurisdiction where such distribution or use would be contrary to local law or regulation in such jurisdiction. The information and opinions contained in this material have not been independently verified, and no representations or warranties (expressed or implied) is made as to, and no reliance should be placed on the fairness, accuracy, completeness, correctness, omissions of the information or opinions contained herein. It is not the intention to provide and you may not rely on this material as providing a complete or comprehensive analysis of the condition (financial or others), earnings, business affairs, business prospects, properties or results of operations of the company or its subsidiaries. The information and opinions contained in this material are provided as at the date of this presentation and are subject to change without any notice. The company (including any of its subsidiaries, shareholders, affiliates, representatives, partners, directors, employees, advisers or agents) shall have no responsibility or liability whatsoever (in negligence or otherwise) for any direct, indirect or consequential loss and/ or damages arising from the use of this materials, contents, information, opinions or communication therewith. This presentation may contain forward-looking statements and assumptions that are subject to various risks and uncertainties which may change over time and in many cases are outside the control of the company. Therefore, actual performance, outcomes and results may differ materially from those expressed in the statements. You are advised and cautioned not to place undue reliance on these statements, which are based on current view of management on future events. 35

36 @ PT Ciputra Development Tbk